Great news! The FCA has announced that from 15 December its data extract schema will include the transaction submission date.
At Kaizen, we consider this to be very good news as it will now be possible to identify the latest version of the trade report. Instead of simply reconciling the accuracy and completeness against data from the ARMs, we will now be able to reconcile the data against the records held by the FCA. This makes it far easier for firms to be fully compliant with the obligations detailed in RTS 22 Article 15(3):
“Investment firms shall have arrangements in place to ensure that their transaction reports are complete and accurate. Those arrangements shall include testing of their reporting process and regular reconciliation of their front-office trading records against data samples provided to them by their competent authorities to that effect.”
We look forward to substantially increasing our use of FCA-provided data samples for testing and reconciliation, providing confidence to firms that they are meeting their MiFIR transaction reporting obligations.
For more information visit the FCA website.